A draft on the reallocation of land-use revenue has been completed.
It says, in part, that revenue from land-use transfers will be incorporated
into the fiscal budget of provincial governments and put under the supervision
of the provincial People's Congress.
Jin also said the corporate income tax law now under parliamentary
deliberation is expected to take effect on January 1, 2008, if it is passed at
the ongoing session of the NPC.
The draft law, which proposes unifying the corporate income tax rate of
domestic and overseas-funded companies at 25 percent, was submitted to nearly
3,000 NPC deputies for examination on Thursday.
Overseas-funded companies in China have long enjoyed a preferential income
tax rate of 15 percent, while Chinese companies have to pay 25
percent.
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